Your rights as a landlord
In the right hands renting a property can be potentially very lucrative. However, it is important to be aware of what you are doing when renting out your property. As well as knowing your responsibilities to your tenants, it is also vital to be aware of your own right as a landlord and below are some vital aspects of being a landlord that you should be aware of.
On the surface this aspect is pretty obvious- as a landlord you are entitled to rent from your tenants. A common problem landlords face is ensuring that they get payment on time- the best way to ensure this is to get a clear tenancy agreement signed before they move in and ideally have the tenants pay by standing order (this reduces the risk of missed payments). In the event that rent is unpaid then you have the right to serve an eviction notice.
Raising the rent
While you do have the right to raise the rent of a property it should be proportionate to the local area- furthermore you need to clarify when rate increases will occur (in the case of a fixed term agreement you may have to wait until that particular lease expires).
Looking after the property
Tenants have a responsibility to look after the property, keeping it clean and generally not causing any damage. While accidents can happen you do need to set this out (this is why a lot of landlords are increasingly using inventory services so that they can clearly show the condition of the property before tenants move in should any disputes regarding damage arise.)
Obviously there are exceptions- for example carpets and other surfaces can be affected by wear and tear while some repairs will have to be done that you cannot realistically charge the tenant for. Generally speaking you have to consider what is appropriate and discuss this with your tenants either in the agreement or during any visits or inspections.
As well as rights there are responsibilities with being a landlord- for example you need to inform tenants in advance if you intend to visit the property or make an inspection (usually this is at least 24 hours’ notice). If you need to evict tenants you need to do so responsibly, check the rules regarding evictions before serving a notice or you could be breaking the law and this can lead you vulnerable to legal action from the evicted tenants.
If you need help
Established in Portsmouth in the 1880’s, Larcomes Solicitors began life as a solicitors practice offering specialist legal advice locally. Providing outstanding client service has always been paramount to Larcomes Solicitors and everyone within the firm is committed to delivering a top quality friendly and personal legal service to all of their clients.
Whether you are renting a property for the first time, unsure of your rights as a landlord or are seeking to resolve a dispute with a tenant contact us today to see how we can help you (for a full list of our services for landlords and tenants as well as contact details for our team click here)